Income statement or Statement of operations

Profit and Loss

This Report that shows a company’s revenues, expenses, and net income over a specific period of time, usually a month, quarter, or year.

FINANCIAL STATEMENTS

  • Profit & Loss
  • Trial Balance
  • Balance Sheet
  • Reports

Profit & Loss Statement

The P&L statement is a critical tool for businesses to evaluate their financial performance and determine their profitability. It is used by stakeholders such as investors, creditors, and management to make informed decisions about the business.
The P&L statement typically includes the following components:
  • Revenue:
  • Cost of goods sold (COGS)
  • Gross profit
  • Operating expenses
  • Operating income
  • Other income and expenses
  • Net income

Trial Balance

The purpose of a trial balance is to ensure that the total amount of debit balances equals the total amount of credit balances in the general ledger.

Preparing a trial balance is an important step in the accounting cycle as it ensures the accuracy of the financial records. If the total debits and credits do not match, it indicates an error in the accounting records that needs to be corrected before preparing the financial statements.
The trial balance includes the following information:
  • Account names
  • Debit and credit balances
  • Total debits and credits

Balance Sheet

The balance sheet equation is Assets = Liabilities + Equity. This means that the total assets of the company must equal the total of its liabilities and equity. This equation provides a basic framework for understanding the balance sheet and helps to ensure that the balance sheet is in balance.

It shows the company’s assets, liabilities, and equity, and provides an overview of the company’s financial health.
The balance sheet is divided into two main sections:
  • Assets
  • Liabilities

PDF & Excel

These statements also available in excel and pdf to download it for future usage

Drill down

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Custom Date Range

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